10 Best Stock Markets Since Lehman Collapsed

U.S. stock markets are barely above breakeven since the collapse of Lehman Brothers three years ago. Even after including dividends, the broadest measure of U.S. equity performance shows a gross total return of just 3.4 percent.

That comes to a smidgen more than 1 percent a year -- before inflation.

So who are the big winners since Lehman nearly brought down the global financial system? Equity investors in emerging markets on the Pacific Rim, according to data from Standard & Poor's.

It's no secret China has been the driver of global growth throughout the recovery. What's interesting is that investors in the Middle Kingdom's stock market haven't been the biggest beneficiaries of the rebound.

Rather, it's been export-driven neighbors such as Thailand and the Philippines, as well as the more distant Pacific Rim commodity countries of Peru and Chile (thanks to gold, copper and agriculture.)

Here are the top 10 global stock markets since Lehman blew up, as measured by S&P's broad market indexes, in dollars, by gross total return:

For comparison, here's how the biggest emerging markets have fared over the last three years: China is up 10.9 percent, while India has gained 9.2 percent. Brazil is not far behind with a 9.1 percent gain. Russia, however, has lagged its fellow BRIC countries badly, generating a gross total return of just 3.5 percent since Lehman went under.

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